Internet search giant Google said that it will be buying online retail tracker Channel Intelligence for $125 million to add marketing tools for retailers. This has been seen as a step by Google to expand its retail presence.
Google has signed an agreement with ICG Group to acquire its Channel Intelligence unit in a deal which is expected to be completed in the first quarter of 2013. ICG said it will get $60.5 million for its stake in Channel Intelligence.
Channel Intelligence (CI) specializes in product ecommerce; it helps retailers, manufacturers and other advertisers make their products and services easier for consumers to find and buy online and in local stores. It offers data-driven services to increase product sales online. Leading brands and major retailers use tools from the company: where-to-buy, product search engines, shopping engines and Facebook platform services.
“For over 10 years, we have focused on making it easy for consumers to find and buy products online and help our clients grow their business,” said a blog post from the group. “We’ve worked with Google for years, and look forward to the great things we will be able to do together.”
Rob Wight, founder and chairman of Channel Intelligence, said, “Our vision for CI started with the desire to simplify the online shopping experience… I am very proud to see our vision executed to this great outcome.”
“The sale of CI to Google is a testament to the quality of its technology and its strong team led by ICG President, Doug Alexander, who positioned the company to succeed in the rapidly growing e-marketing industry,” said Walter Buckley, CEO of ICG. “As drivers and architects of CI’s growth and success, we are very pleased with this outcome.”
Last year Google has also acquired Canadian start-up BufferBox, which manages self-service parcel lockers to help consumers avoid missed deliveries.